USD/CAD: general analysis

Last week the USD/CAD pair was growing due to the weakness of the Canadian dollar , caused by the growth of trade balance deficit in Canada and decrease of Ivey index to the 8-month minimum. The decrease of employment by 88K caused the growth of employment level to 5.9%, which affected CAD negatively, too.

US dollar was supported against its main competitors due to the decrease in the US stock market. As there was lack of key releases, the volatility , caused by fall of stocks, was the main factor for the growth of USD.

The pair is now consolidating around the resistance level of 1.2600, which can be the start point to reverse if the US stock market stabilizes.